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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 116162
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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Following the law change in July 2012, can either side require

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Following the law change in July 2012, can either side require the other to name the opposing spouse the beneficiary of a non probate asset such as life insurance or otherwise dictate the amount, or particulars of the non probate asset?
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

Under FL Statute 732.703 the law simply states that the beneficiary designation on life insurance or annuity plans of a spouse would terminate and be void upon the order of divorce being entered. It does not prevent a court for ordering some type of life insurance plan be put in place to cover the ex spouse for child support needs or spousal support needs in the event the paying spouse dies and Paragraph 4d provides an exception for this court order.




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Customer: replied 3 years ago.

Please review the language in this proposed agreement. I intend not to name the other spouse as my beneficiary or trustee of my life insurance. Does this language as crafted allow me to leave life insurance to a bank of other professional trustee without spouse being irrevocable beneficiary


 


Life Insurance. It is agreed that, as long as both parties are legally obligated to


support any children, each party shall contract for and keep in full force and effect a life


insurance policy with a face value of $150,000.00, with the other party, as trustee for the


children, designated as irrevocable beneficiary. Pursuant to Florida Statute 732.703, each party


shall be required to re-designate the other party as irrevocable beneficiary of their existing term


life insurance, after entry of the Final Judgment of Dissolution of Marriage. Within thirty (30)


days after the insurance policy has been obtained, each party will provide to the other the name


and address of the insurance company, the policy number, and a copy of the insurance policy.


In lieu of designating the other party as trustee for the children, either party may have the


option of designating a professional trustee, however, the face value of the life insurance shall


increase to $xxxxxxxxx to cover the expense of the trustee.


Within thirty (30) days after the insurance policy has been obtained, each party will


provide to the other the name and address of the insurance company, the policy number, and a


copy of the insurance policy.

Thank you for the follow up.

This sentence says you are designating each other a beneficiary: "Pursuant to Florida Statute 732.703, each party shall be required to re-designate the other party as irrevocable beneficiary of their existing term life insurance, after entry of the Final Judgment of Dissolution of Marriage." If you do not intend to designate your former spouse as beneficiary, then you need to state that the beneficiary will be the children, since you said you do not intend her to be beneficiary or trustee. Beneficiary is the person who gets the money from the policy.

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